The Chart of the Week
- Posted by Robert Sinn
- on July 6th, 2012
While the week was interesting and full of surprises in many ways (short squeezes early in the week followed by a disappointing ECB decision and US non-farm payrolls report this morning), the large sell-off in the euro which brought $EURUSD to a new 2-year low this afternoon gets the award for chart of the week:
Click to enlarge
The elusive short squeeze failed to materialize early in the week and the multi-week bear flag broke decisively to the downside with many technicians now calling for 1.17 as the next downside target to be achieved over the coming weeks.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Robert Sinn is a professional trader and market analyst who focuses on multiple asset classes including equities, futures, options and currencies. He integrates fundamental and technical analysis. More »
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